"Life is simple."
-- Prominent financier Mario Gabelli, in a memo to associates on how to divide the proceeds from the sale of spectrum licenses nominally owned by Beta Communications. Quoted in The Wall Street Journal, Dec. 27. Gabelli and his affiliated companies made millions by flipping spectrum licenses purchased through front companies that qualified for the FCC's "very small business" discounts. In this case, Beta Communications took 25 percent of the $98 million the licenses, which were purchased less than a year before for only $12.9 million, brought in; Gabelli and his associates pocketed 75 percent, or $73.5 million.
— Richard Martin, Senior Editor, Unstrung